The latest indication comes from the American Association of Individual Investors’ weekly investor survey, which showed bearish sentiment rose to an 11-week high.

Bearish sentiment among individual investors rose 5.6 percentage points to 38.8%, according to Charles Rotblut, vice president of AAII. This indicator — which measures investor expectations that stock prices will fall over the next six months — is above its historical average of 30% for the seventh straight week and 23rd of 27 weeks overall.

“Four days of declines have dampened optimism about the short-term direction of stock prices and increased concern among those worried about a potential forthcoming pullback,” Rotblut said in an email.